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Modestly Hawkish Reaction To BoC

CANADA
  • The BoC sticking to its perceived continued threat of persistent underlying inflation sees GoCs underperform Tsys following the decision, with 2Y yields rising 1.5bps post-decision vs 0.5bp, but still -1.5bp on the day.
  • USDCAD falls 30 pips to ~1.354, through yesterday’s low but still above support at 1.3494 (50-day EMA).
  • An identical concluding paragraph to the rate decision statement, which includes the noted risk of persistence in underlying inflation.
  • The presser statement also talks on underlying pressures persisting and “no big surprises” since the Jan decision (despite the moderation in core CPI measures), whilst noting the Bank needs to give higher rates more time.
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